Covéa Insurance strikes a deal with LexisNexis for schemes management tool

30th October

Leading UK insurer Covéa Insurance has implemented new schemes management technology from LexisNexis® Risk Solutions as a further example of its commitment to this growing business sector.

Transacting business in a way that makes life easy for brokers was high on the agenda for Covéa Insurance. Research by the company showed that by the end of 2013 over 80% of brokers were using bordereaux to transfer data; this investment will allow that data to be more efficiently transmitted.

In addition, the Broker Management module of LexisNexis® Map View provides the insurer and the broker with greater insights into the data, giving both parties a better understanding of how their scheme business is performing. The module enables flexible scheme management which will ultimately lead to more profitable growth for all involved.

Liam Casserley, Scheme Broker Manager, Covéa Insurance commented;

“With our schemes business growing rapidly, we wanted to ensure that we could report on performance in the same consistent way we report on our open market business. Our investment in this new technology reinforces our commitment to the schemes market. It’s essential that our brokers receive the best possible service from us; The Broker Management module of Map View enables us to enhance that service and support our scheme brokers with their growth at the same time.”

“The Broker Management module of Map View gives our customers like Covéa Insurance full visibility into their schemes business by providing a single console from where they can manage this side of their business,” said Bill McCarthy, Managing Director, UK, insurance, LexisNexis. ”It allows them to easily detect and respond to underwriting anomalies, and manage schemes rules dynamically – offering greater underwriting and operational control.”

 

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About Covéa Insurance

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France and served 11.5 million policyholders, generating over 16.4 billion Euros in premiums in 2016.  

Covéa Insurance handles the insurance needs of 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, mid and high net worth insurance and a range of commercial insurance products, designed to meet the needs of most individuals and businesses. Employing over 1500 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and featuring in the 2015 and 2016 Sunday Times Top 100 Mid-sized Best Companies to Work For. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

In January 2016, Sterling Insurance Company Limited became a fully integrated part of Covea Insurance Plc, following a Part VII transfer under the Financial Services and Markets Act. 

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